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Chapter 7 Bankruptcy
Port St. Lucie Bankruptcy Lawyers
Chapter 7 is one of the most popular forms of bankruptcy. Also called “straight” or “liquidation” bankruptcy, Chapter 7 does not require the debtor to create a repayment plan (unlike Chapter 13). Chapter 7 is designed to help individuals who are facing overwhelming debt and wish to fully discharge their outstanding financial obligations. Since it does not involve repayment, the lender may seize and liquidate (sell) the debtors belongings to satisfy his / her outstanding debts.
Reasons to Work with Us
At Crary Buchanan, our lawyers are committed to helping people like you find financial freedom through bankruptcy. Our qualifications include:
- 85+ years of legal experience
- Committed to your best interest
- Award-winning team of attorneys
- Personalized strategies for each client
How to Start the Chapter 7 Bankruptcy Process
The first step is meeting with a reliable legal advocate. At Crary Buchanan, our Port St. Lucie bankruptcy attorneys have served the local community for more than 85 years. Today, we are ready to put this experience to work for your case. During your initial case evaluation, one of our lawyers will help you understand your legal circumstances, rights, and options. Together, we can create a plan to meet your unique needs.
How the Chapter 7 bankruptcy process works:
- The debtor (you) will file a petition with the local court. This includes a schedule of your assets, your current income (including expenses), and a statement of your financial affairs.
- In order to file, you could face certain legal fees, such as a $245 case filing fee, a $46 administrative free, and a $15 trustee surcharge. These fees may be waived.
- Your finances go into automatic stay, which means that creditors are no longer allowed to contact you for payment, including phone calls, utility shutoffs, and other actions.
- After 24 days, you will participate in a 341 creditor meeting, during which you will verify the facts of your filing under oath. This is a time to clarify any questions with your creditors.
- Following the 341 creditor meeting, your trustee will create a liquidation plan for your nonexempt property. This only applies to property that is nonexempt from liquidation.
“Why do I need an attorney to file for bankruptcy?”
You are not required to work with a lawyer, but a skilled legal advocate can help you protect your legal rights and take advantage of available exemptions. Many people assume that liquidation bankruptcy will leave them with not belongings, no home, and no financial security. In reality, Chapter 7 bankruptcy is designed to help debtors regain control of their money through a fresh financial start. To learn more about your Chapter 7 and your legal rights, contact Crary Buchanan today.